Conversation with Coral McGuire

Coral McGuire: So, when I first started my QuickBooks company I had been a property accountant working for a property management company where I also did the property management books and QuickBooks. I had strong skills in both when I went out on my own I wanted to help the small landlords, so I needed to set up QuickBooks for property managers and property owners, and your book was the resource.

Gita Faust: Okay. So how were you successful; what were three things that you learned from the book that really helped you and your clients.

Coral McGuire: So the first thing was that I set up; you know the customers were the sub-customers.. the properties and the classes and understanding all that comes up. I struggled with when I had; obviously my first client; they have multiple houses and multiple apartment complexes. I struggled with how to combine all that into one report especially when they had multiple owners to manage. I wanted to avoid keeping several sets of books for each property. Your book helped with that and helped me understand and figure out how to keep one set of books with multiple owners and reports.

Gita Faust: Right.

Coral McGuire: And then when I received a client who had apartment complexes which were like another level in it helped with that.

Gita Faust: Okay, so what were you struggling with that you went to look for a resource? What were your pain points?

Coral McGuire: Just not having any knowledge of management, what they track and how to incorporate within QuickBooks. Moreover, how to take all the details and implement them in one file. As I’m a researcher by trade, I always research before I do anything; I don’t want to reinvent the wheel, and you were the only one I could find in my research. You were the leader in real estate and property management industry.

Gita Faust: So, how much when you purchased the book the whole package; the guide and the template that came with it and the reports and now they are in the back end, and the quick-books file how much dollar wise did you save in doing research anywhere else or reading up on books anything. I mean how many hours did you save and

Coral McGuire: Oh well it was well worth the investment; I mean it saved me in just my time in billing and more importantly in the clients getting them up and running fast because I had already presented myself as being very knowledgeable which I was but not in how to structure it.

Gita Faust: So, how many hours did you think you saved if you don’t put a dollar amount?

Coral McGuire: Thirty to forty hours if not that. I have increased my profit thousand fold by just using your QuickBooks file setup and industry standard reports.

Gita Faust: Oh WOW!

Coral McGuire: In just trying to figure it out on my own and piecing it together; more important than the industry standard structure reports; there were reports; and it’s like okay how do I make this happen. You know where do I store information and expirations and so that was really helpful.

Gita Faust: That was great. So have you grown your business in real estate?

Coral McGuire: I have, I have.

Gita Faust: That’s good. Is it only managers?

Coral McGuire: Well, because I had left the property management field I had a lot of rental landlords by default that came to me, so they were the single home type landlords and then from that I got referrals into real estate investors; flippers.

Gita Faust: Perfect, I love it. Yeah.

Coral McGuire: Once I got the concept and the strategy, from there I was able to expand into all their vendors from electricians, plumbers, contractors, and job costing become a breeze.

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With more than thirty years of experience in the real estate and property management industry, Gita Faust is more than just a real estate investor; she is also popular for her work as an accountant, consultant, mentor, speaker, QuickBooks Top ProAdvisor, QuickBooks Solution Provider, member of Intuit’s Trainer/Writer Network, and, of course, author.
As the CEO and owner of Fast Trac Consulting, Gita is well-known for her exemplary leadership and advisory skills. In fact, she even helped pioneer the adaptation of QuickBooks to suit the needs of professionals in real estate and property management.
To share her knowledge and experience with others, she has written a series of courses titled Simplified Accounting Solution, which provides step-by-step guidance for those working with QuickBooks.